紧缩货币政策下我国上市公司投资效率研究

Research on Investment Behaviors During the Period of China's Monetary Policy Tightening:Evidence from China

2007年中国货币政策不断紧缩,银行信贷规模也在不断变化之中,不同的公司受到不同程度的融资约束。本文以2007年上市公司为研究对象,对紧缩货币政策下我国上市公司中受到进入资本市场融资约束程度不同的两组样本的投资活动进行了实证分析,研究发现:(1)未发行短期融资券公司具有更严重的融资约束,其投资—现金流的敏感性低;(2)发行短期券与增发配股有利于降低对银行借款的依赖性;(3)发行短期融资券有利于抑制过度投资行为,投资配置效率优于未发行短期融资券的公司,也优于增发配股融资公司。

In the year of 2007 , China＇s monetary policy is becoming tightening and bank credit scale is changing con- stantly, different companies are in different degrees of financing constraints. This study, based on the listed companies in 2007, focused on capital investments of two sets of Chinese firms which are under different degrees of financing con- straints. From the empirical analysis, we found ： （ 1 ） Companies that do not issue short - term bonds have more serious financial constraints and the sensitivity of their investment - cash flow is low. （2） Companies that issue short - term bonds do not depend on bank loan . （3） Capital allocation efficiency of companies that issue short - term bonds is obviously su- perior to the non - issuers and superior to the companies that issue rights offer or seasoned equity offer.